GBP/NZD 1H Chart: Remains bearish after plunge
The British Sterling has been strengthening against the New Zealand Dollar since mid-April. This movement was constrained in an ascending wedge, as the pair was diminishing its trading range.
As apparent on the chart, the rate entered a minor period of consolidation this week, as it was unable to overcome the strong resistance of the 38.20% Fibo retracement and the weekly R3 at 1.9750. This trading session marked a massive 1.23% plunge which was caused by disappointing UK GDP data. As a result, the pair breached the aforementioned wedge and was trading at 1.95 at the time of this analysis.
The pair could fall even lower in this session until the 1.9415 area where the weekly PP and the 100– and 200-period SMAs on the 4H time-frame area located. Some slight bullish correction up to the 1.97 could follow; however, the general trend within the following week should nevertheless remain south down to the senior pattern located in the 1.9300/1.9325 area.
As apparent on the chart, the rate entered a minor period of consolidation this week, as it was unable to overcome the strong resistance of the 38.20% Fibo retracement and the weekly R3 at 1.9750. This trading session marked a massive 1.23% plunge which was caused by disappointing UK GDP data. As a result, the pair breached the aforementioned wedge and was trading at 1.95 at the time of this analysis.
The pair could fall even lower in this session until the 1.9415 area where the weekly PP and the 100– and 200-period SMAs on the 4H time-frame area located. Some slight bullish correction up to the 1.97 could follow; however, the general trend within the following week should nevertheless remain south down to the senior pattern located in the 1.9300/1.9325 area.
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